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Lend $2000 for 3 or 5 Years on Ratesetter and Get $75 for Referrer and Referree

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Lend $2000 for 3 or 5 Years on Ratesetter and Get $75 for Referrer and Referree
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Dacs on 01/03/2018 - 13:09 ratesetter.com.au (345 clicks)
Last edited 01/03/2018 - 14:06

Similar to previous deals(1, 2), though in this promotion the referral fee is $75 and the new account (referee) has to invest in the 3 or 5 year markets.

You must use a referral link like the link below to be eligible for the referral fee.

From Ratesetter's email:

Introduce your friends to RateSetter, and if they lend $2,000 or more in the 3 Year Income or 5 Year Income lending market before 31 March 2018 we'll give you both a bonus $75.
Don't forget, your friends must register using your unique referral link to ensure you both receive your $75 bonus.* You can refer up to 5 friends, so you could earn up to $375!

Something that's not obvious for people new to Ratesetter: If you lend money in the 3 or 5 year markets, the borrower needs to make equal monthly repayments consisting of interest plus capital.

In comparison, the 1-year market (which can actually end up being 2 years), pays interest monthly but only pays the capital back at the end of the loan period.

You have the option to reinvest the payments as you receive them or you can just keep the money received and do something else with it.

Warning: This is an investment with a company that is not an Authorised Deposit-taking Institution (ADI). The Australian Government guarantee does not apply in the event of the company going bust. Please consider whether it is appropriate for you.

Referral Links

Referral: random (2)

$50 for referrer and $50 for referee after investing $1,000 in the 5-year income market.

Financial Lending

Related Stores

Plenti (Previously RateSetter)
Plenti (Previously RateSetter)

closed Comments

  • dbglt on 01/03/2018 - 13:11

    Any feedback on this platform? How does it work? How are loans secured/assessed ?

    • peter05 on 01/03/2018 - 13:15
      +5

      I have been on this platform since the last promotion was run.

      Initially I was playing around with the platform, lending amounts, lending periods etc but for the last half a year it's really just been a set and forget thing. Your funds are not instantly matched against borrowers but you can set it so that it's up for reinvestment as soon as principle or interest are paid into the "account"

      It's been working well and you receive higher interest rates than holding/savings accounts.

      I have not been following the default statistics as closely as when I first joined so haven't weighed up if the risks are worth the extra interest earned.

      I haven't seen any reason to withdraw from the platform at the moment and it just mostly sits there with little/no intervention

  • paperkut on 01/03/2018 - 13:28
    +4

    Have joined for 1.5 years and so far have earned over $500 of interest on my initial $2500 investment. Yes there is a risk of many people defaulting at the same time and the fund cannot cover it but I don't consider it more risky than buying an ETF for example.

  • neil on 01/03/2018 - 13:37
    +4

    I signed up to Ratesetter last time they were running this $75 offer. Due to the amount of new signups, the supply outpaced demand and it was a race to the bottom with the interest rate. Ended up never actually matching with a borrower.

    Also, any income derived from Ratesetter works just like a savings account as it gets taxed at your income tax rate. Sales from stock/funds etc however fall under capital gains tax (50% tax discount if held >12 months) which works out better after tax in comparison. But Ratesetter pays you regularly whereas a stock/fund will only see profits (or losses) when you sell. Just something to think about.

  • powerhead on 01/03/2018 - 14:00

    hmmm, and i was just starting to like increased rates in 3-year and 5-year markets, now expecting an cash influx and depressed rates for couple of months to come

  • aussman on 01/03/2018 - 14:22
    +3

    Better deal here $100 bonus
    https://www.ratesetter.com.au/peer-to-peer-lending/thewealth…

  • edrift on 01/03/2018 - 14:53
    -1

    This could be a Ponzi scheme.

    Has anyone used this, made money, then withdrawn the whole lot?
    If not, your earnings are merely text on a webpage.

    • outlander on 01/03/2018 - 17:25
      +1

      Yes. I invested 2 grand for a year, then withdrew ~2200
      That was Aug 2016

      While the worry that its a ponzi scheme was big on my mind, I gather that its mostly credit card debtors taking up the loans, usually under the advice of a financial planner. 9% interest is much preferable than the ~20% interest credit card companies charge.

    • 1101011100010101 on 01/03/2018 - 18:04

      Bitconnnnnnneeeeect!

    • Mortgage Broker on 01/03/2018 - 19:31
      +2

      I've used this. Regular withdrawals to my account as soon as the borrowers pays a portion of the loan (principal and interest). I've got the majority of it back by now, so not a ponzi scheme :)
      But please don't use thewealthguy because fellow ozbargainers won't get anything :)

    • toasty on 04/03/2018 - 11:14
      +2

      Yep, I've been very happy with my returns on ratesetter, though I withdrew my full balance after my 1 year loan was repaid as I needed to use it elsewhere. Great platform!

    • jeanene on 09/03/2018 - 10:32
      +1

      Yep invested over $20k so far from my SMSF. Regularly get around $300 per month paid out from interest and have withdrawn large amounts of the capital from time to time for use in other investments but always ended up putting most of my cash assets back into ratesetter as it outperforms most of my shares.
      As with any investment though it does not pay to put all your eggs in one basket, even the most solid investment can go south.

  • Bob81 on 01/03/2018 - 15:10

    If you do not have anybody with RateSetter already, why not go through 'The Wealth Guy' website and get $100 back instead of $75?

    http://thewealthguy.com.au/ratesetter-australia-review-peer-…

  • dangerdanger on 01/03/2018 - 22:55
    -1

    So you lend to complete strangers?

    WHAT COULD GO WRONG?!

    • zzzsianzzz on 03/03/2018 - 13:34

      lol.. startups also work that way too.. some people badly need that fund to get started.. a great idea without investor funding does not eventuate and might have stillbirth..
      if you are worried, put in an amount you can afford to lose without losing sleep over it.
      There are more risky funds out there.
      You havent see it all yet, with larger sharks in the same tank as you, especially if youre in stock markets.

    • Mortgage Broker on 04/03/2018 - 17:33

      They set aside a proportion of the borrower's payments into an insurance/shortfall fund. If your actual borrower doesn't pay, you can get reimbursed from this insurance/shortfall fund. To date, there's always been more than enough money in the shortfall fund to cover for all losses they have experienced (and it's likely to continue this way).

  • jeanene on 09/03/2018 - 10:24
    +2

    had 2 accounts with Ratesetter for well over a year now, one personal and one with my SMSF. So far been the most profitable investment I've done through my SMSF, always paid and very good interest rates for cash, performing way better than my shares :). Personal account has been a great way of saving for small things, just transfer over $10 a week and use rolling monthly investments so I can get the money back when I need it.

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